that's the only reason paulsen has got the glow. jonathan: coming up at 8:00 a.m., seema shah, principal global investors chief strategist. futures down three on the s&p, down by 0.1%. for our audience worldwide, tom keene, lisa abramowicz, jonathan ferro. heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪ ritika: with the first word news, i'm ritika gupta. in mexico city, a raised subway track collapsed, plunging trains with passengers aboard to the ground. at least 23 were killed and about 70 others injured. the accident is blamed on a broken beam. the subway line that collapsed opened in 2012. the project suffered from design problems during construction. wall street marched back -- wall street's march back to its skyscrapers is picking up. goldman sachs is preparing to tell employees they should be ready by the middle of next month to work from offices again. that follows jp morgan's mandate last week for a return to offices in rotation starting in july. pfizer raised its forecast for the fiscal

this is commissioner paulsen. when you say laborers and moving into other categories such as operating engineers and truck drivers and things like that, we're talking strictly sfpuc employees, correct? >> correct. so the examples i have mentioned, they are within the water treatment supply division specifically. all right. i'll move onto the mentoring program. we're very excited here to be starting a mentorship program. our goal here is to have senior stuff such as myself to be mentor, and we'll be paired early in their career to give them career advice. and the last thing i want to touch on is acting assignments. what we want to do in the water enterprise is expand acting assignment opportunities to more staff, and we want to do it by rotating acting assignment opportunities, and for those who may not have an immediate opportunity to do acting assignments, we're going to use special assignments or stretch assignments that allowed them to gain more diverse experience, and with that, i'll turn it over to tim ramire

one of the heavy hitters in the voiceover thing also happens to be one of the sweetest guys erik paulsen i don't know quite know we'll find out from him who he's voicing in the film but he'll be there they brought in all all the players in the boy so if you also talk to him about a nice story as an apple t.v. plus a good message for the kid unplug the internet certainly an alluring tool but it's case lee plug it up there and i think this fix that erick browser right after this that mr miller what's one. hey folks welcome to venice miller plus one now look at that mug and this guy i can tell that he's a happy a beauty and so on that's part of the reason that he is let's call him one of the most preeminent voice actors on on the planet right now he's the voice of the looney tunes characters bug bugs bunny that marvin the martian is i think that little cat the censuring had a floats around from if i remember from my youth tweety bird and he voices some of those characters many more for in the upcoming film space jam a new legacy out this summer and he also voices multiple characters i read

and one of the heavy hitters in the voiceover they also have to be one of the sweetest guys erik paulsen i don't know quite know will find out from him who he's voicing of the film but he'll be there they brought in all all the players in the boy so we'll also talk to him about in a show yes on apple t.v. plus a good message for the kid caught unplugs the internet certainly an alluring tool but strangely plugged in get out there and i think that speaks to that eric bowzer right after this dennis miller was one. hey folks welcome to venice miller plus one now look at that mug on this guy i can tell that he's a happy of beauty and soul and that's part of the reason that he is let's call him one of the most preeminent voice actors on on the planet right now he's the voice of the looney tunes characters bug bugs bunny that marvin the martian is i think that little cat in the censuring had a floats around from if i remember from my youth tweety bird and he voices some of those characters many more for in the upcoming film space jam a new legacy out this summer and he also voices multiple char

coming up, jim paulsen, a chief investment strategist.that chart around the corner. this is bloomberg. ♪ this is bloomberg. ♪ ♪ >> it's pretty simple to recognize we are in the midst of a boom here in the u.s. >> there is so much of does a vision of this moment of fully reopening the economy, -- so much anticipation of this moment of fully reopening the economy, so i think we will see vulnerability. >> the question is how long is transitory. is it a couple of months, a year or 18 months? it is certainly not long term. >> until the tax changes happen, you ignore them, but the reality is the market is not ignoring it. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: we've got an earnings boom. from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. 10 minutes ago it was pfizer upgrading its outlook. in the last couple of minutes, under armour joining the party. tom: it i

let's get to jim paulsen, standing by patiently, leuthold weeden chief investment strategist. we had the market in some places absolutely ripping. you can have huge price gains but still have a valuation, a multiple that comes in because profit and profit expectations are up even more, and the profit numbers have been incredible. the earnings through q1 quite fantastic. jim: i agree. the numbers in the first quarter for the s&p 500 have come in at the $200 annualized rate. i think the full year numbers on expectations right now are 1.85% for the year. so wall street is way behind what corporations are already coining in the first quarter. we are going to be way above $200 for the year. so it is very hard, i think. 100 $85 is a huge improvement. i just recently looked back, coming from the lows of earnings all the way back to 1950 and saying how long, if you look at one year from the lowest in the s&p 500, how much was that relative to the previous cycle peak earnings. most of those are down one year into the new recovery. you are still not even back into peak earnings. if we c

i bring in jim paulsen.im, your thoughts on this market the last 24 hours, and do you think the maybe the street gave up on growth too soon? >> well i, growth has a place in a portfolio for me, charles. i still have growth. i'm underweighted it in favor of cyclicals and small caps, even international stocks, primaryily because i think growth is suffering from, tech in particular, is a pickup in the economy. strong profit growth compared to steady eddie growth stocks, the growth stocks don't look as attractive, when the economy is slower and you don't have the cyclical growth. i think that continues in the balance this year and also when rates go up against the steady eddie growth it hurts their relative attractiveness compared to rates going up on cyclical growth but i still own it. i think there will be a great buying opportunity maybe later this year for tech stocks in particular growth stocks overall because next year i think economic growth is going to slow. you will have tech and growth come back into v

chief investment strategist for leuthold group, jim paulsen.nomic data? >> it is not unexpected. the fed knew and they told us about it that the inflation numbers will get hot and the real question isn't whether they're going to get hot, but the real question is will it persist? that is the real question today. i don't think we learned anything from this report that we have runaway inflation or we don't at this point in time, charles. so i don't know if a lot changed from where we were yesterday. i personally think the stock market reaction is a lot to do with what is happening with tech stocks, the selloff yesterday, traders using that to have another down day here in the market. i am not overly worried about these inflation numbers. i think a really lot of disinflationary force in the world that will probably win out as we get into the fall time. charles: i want to come back to the disinflationary forces but i also want to refer to your note this week about bull markets because you do take a longer term historical perspective and you looked a

. >> you see a lot of you -- mohamed, we see a lot of jim paulsen and i know you watch pretty closelyar, that's when we get perhaps a 10 to 15 to whatever the selloff would be from some of these lofty levels and then maybe we head higher into the rest of the year is this the beginning of something like that, do you think? >> so i don't know whether to begin because you have to shake the market's confidence about the liquidity paradigm in order to get the 10 to 15% maybe we are it's very curious. i never thought we would have a call, joe, where we say that the fed may even lag the european central bank the ecb is starting to signal that it may consider tape perfecting where we are not even thinking about thinking with the fed. it's not because european growth is better, it's not. they don't have a looser fiscal policy than we do. we have a looser fiscal policy it's not that inflation is higher it's not it's not because there's more risk taking going on, it's just that the fed with this new monetary framework has gotten itself pinned into a corner and they're not sure how to exit. >> do

palestinians who are killed paulsen is would tell you were killed in cold blood this also adds to the tension sometimes you see a man or a woman approaching an israeli military checkpoint where you see a heavily armed israeli soldiers but then if someone waves and knife then they could expect all need to get killed so the that could tell you about the balance of power that could tell you about the injustice many palestinians tell us that they face every single day and let's not forget that even having a normal life as a palestinian marrying someone from abroad in off limits because of the west bank or the population registry is controlled by israel and if you want to marry someone say from the u.s. or from any other country they might not be able to live with you here because israel won't give them a palestinian id or apostasy in passport so if the occupation is in the very small details of palestinians life including who you want to love and i'm a fan do it. really great to get the context from you then need it in. even in amongst the cables and you stay safe over there that's needed

bernanke and secretary paulsen wrote.ively so i think there's a lot of hypocrisy going on and i'm worried about the future, joe, less than what's going on right now. that's my honest opinion >> thanks. they're playing the music, alexis >> that's why i tried to shut up quickly. >> the big bank profits would show quite the opposite. just absolutely knocked it out of the park. i don't think they're sweating. >> anthony scaramucci, alexis goldstein, thank you both. calm discussion. >>> thanks, joe. when we come back, google getting approval for a sprawling new campus less than a mile from the headquarters jon fort takes a look at what it could mean dow up 19 points, s&p down by 6, nasdaq off by 44 "squawk box" will be right back. >>> time now for today's aflac trivia question. what publicly traded company acquired askjeeves for $1.85 billion in 2005? the answer when cnbc's "squawk box" continues ha ha. jill is certainly upset with that unexpected bill from her back surgery. aflac! let's see that one more time. ♪ ♪ (bleep) (wi